Jeweller - June 2022

De Beers
who want to not only be told that products are coming
from the ethical origins – they expect retailers to be able
to prove it.
The conscientious consumer is fickle and once you’ve
lost them, they’re difficult to win back. Following Russia’s
invasion of Ukraine in late February, these consumers
have turned their attention to Russian diamonds and
many major retailers have been forced to respond by
banning their sale.
Rolling with the punches
With three months of 2022 FCRF data open for analysis,
Chen recently spoke with Jeweller and said all indicators
remain optimistic despite recent unexpected pressures.
“In light of the COVID lockdowns in China and the war
in Ukraine, the market no longer expected such a sharp
recovery, so in that regard, it’s exceeding expectations,”
Chen says.
“In the first quarter of 2022 the average price of fancy
colour diamonds across the board rose by one per cent
led by pinks at 1.3 per cent and yellows at 0.7 per cent.
“But this also presented opportunities as
demand remained strong and disposable
income was high from lack of travel. ”
“This continues the rise in the price of 89 per cent of all
fancy colour categories in 2021.”
Western Australia has been home to some of the
world’s most highly sought yellow and pink fancy colour
diamonds.
Ellendale Diamonds director Christopher Soklich says
that from an Australian perspective, 2022 is off to a
respectable start.
“In a marketplace that is continually changing due to
social and economic circumstances, it is important to
be agile, have a point of difference and that continuity
and reliability across all aspects of your business gives
confidence to your end client,” Soklich says.
“Whilst this can be difficult to navigate in the current
climate your perseverance and diligence will help you
reap the rewards.
“We have encountered a solid start to 2022. It has not
been without its challenges in an ever-shifting landscape,
where thinking on your feet and being able to be
adaptable to the challenges presented by the pandemic
Graff
Leibish
David Morris
Malpani Jewels
have been a must.
“As confidence begins to return, restrictions are lifted
and freedoms are returned, we expect to see a continuing
resurgence in sales.”
Fancy colour pink diamonds are regarded as the rarest in
the world. Approximately 90 per cent of these diamonds
have been unearthed in the Kimberley region of Western
Australia.
Soklich said he can’t see any challengers any time soon to
the status and prestige held by pink diamonds.
“Our natural Argyle pink diamonds continue to be sought
after as the princess of the coloured diamond world,” he
says.
“With less available due to the Argyle Diamond mine
closure, we expect to see demand continue to increase for
these rare and resplendent stones.
“Clients are now being tempted by alternative cuts such
as pear and cushion styles, although the round brilliant
cut diamond remains the most popular request. We have
also seen a surge in requests for larger natural yellow
diamonds with pear cuts coming out on top.”
LJ West’s Gant agreed with Soklich and says the
popularity of Argyle product has only increased.
“Pink and violet diamonds, particularly from the Argyle
deposit, have been in very high demand in Australia,” he
says.
“This is likely to continue for some time as these stones
are as collectable as they are beautiful. Demand has
been strongest for Argyle-certified stones, but these are
becoming rarer.
“The vast majority of Argyle’s diamonds are not certified:
there has been a growing popularity for stones that have
independent origin certification confirming their Argyle
provenance – we expect this trend to continue and the
value to grow.”
Gant says the hunt for the next big source of fancy colour
diamonds remains alive.
“Diamond mining has been predicted to grow over the
next couple of years, with locations such as Namibia
getting some attention,” he added.
“However, there is no ‘next Argyle’ to be found anywhere
as yet – the world waits with bated breath!”
Russia?
It was once suspected the search for a new source of
fancy colour stones may end in Russia.
44 | June 2022